Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 Purchase January 25 Sales January 30 Purchase Totals Units Acquired at Cost @ $ 6.00 156 units 76 units e $5.00 180 units @ $ 4.50 412 units = = $ 936 380 810 $ 2,126 Units sold at Retail 84 units @ 96 units @ 180 units $15.00 $ 15.00

Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 Purchase January 25 Sales January 30 Purchase Totals Units Acquired at Cost @ $ 6.00 156 units 76 units e $5.00 180 units @ $ 4.50 412 units = = $ 936 380 810 $ 2,126 Units sold at Retail 84 units @ 96 units @ 180 units $15.00 $ 15.00

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 1.3C

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